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- Barings Provides $102M Construction Loan and $63.3M C-PACE Financing for The Corbin District Phase II
Barings Provides $102M Construction Loan and $63.3M C-PACE Financing for The Corbin District Phase II
Slice of Real Estate Team
July 16, 2024
Key Highlights:
$102 million construction loan provided by Barings.
$63.3 million C-PACE financing from Counterpointe Sustainable Real Estate.
The Corbin District Phase II to include 11 new buildings with apartments, office, and retail space.
Commercial components nearly 80% pre-leased to companies like Aon and Crestwood Advisors.
Phase II completion expected by 2026.
Source (Business Wire)
Notable Quotes:
“We are excited to partner with the exceptional local team at Baywater Properties that’s transforming downtown Darien for the better and we’re pleased with our team’s ability to move quickly, customize a capital stack, and leverage our in-house construction team to position The Corbin District for success in this next phase.”
“The construction experience and financial structuring expertise of the Barings and Counterpointe teams, coupled with their ability to execute this financing in a seamless manner, made the decision to work with them an easy one.”
“The transaction also represents the largest C-PACE assessment ever closed in Connecticut, taking advantage of a recent state law amendment to expand the program.”
Our Take:
The collaboration between Barings, Counterpointe Sustainable Real Estate, and Baywater Properties for the development of The Corbin District Phase II is a significant milestone in transforming downtown Darien. The combination of a substantial construction loan and C-PACE financing demonstrates a strategic approach to funding sustainable infrastructure. The high pre-leasing rate for the commercial components indicates strong market demand and positions the project for success. This development not only enhances the urban core but also reflects the growing trend towards integrating sustainable practices in real estate projects.